Bitcoin and other cryptocurrency prices have skyrocketed across the board over the past week. The market capitalization of cryptocurrencies was finally able to break through the $ 2 trillion mark again.
Dogecoin – launched this year as Tesla billionaire Elon Musk’s favorite project – is up more than 10% this week, climbing to over 30 cents per Doge token for the first time since mid-June.
The Dogecoin rally comes after Mark Cuban, the multi-billion dollar technology investor and owner of the Dallas Mavericks, who called Dogecoin the “strongest” cryptocurrency for payments – and Musk then agreed.
Although the Dogecoin was created as a joke and its creators never intended to take it seriously, Cuban says it has a unique use case versus other cryptocurrencies.
“[Dogecoin ist] a medium that can be used to purchase goods and services, ”Cuban told CNBC this week. “The Doge community is the strongest when it comes to using him as a medium of exchange.”
“I’ve been saying that for a while,” Musk replied via Twitter.
This week also announced Cubanthat his Texas basketball team will be offering dogecoin payments at “special prices” as part of the Mavericks summer sale.
Coming soon to https://t.co/VUydpLFzGh a summer merch sale with special pricing for those who pay with @dogecoin !!! 🚀🚀🚀
– Mark Cuban (@mcuban) August 13, 2021
Both Musk and Cuban have repeatedly expressed support for meme-based Bitcoin rival Dogecoin over the past few months: Cuban accepted Dogecoin as payment for Mavericks merchandise in March and Musk’s SpaceX is planning a “DOGE-1 mission early next year to the moon”.
After rising to over 70 cents in May on a rally fueled by Musk and influencers, Dogecoin price plunged over 70% before rebounding along with Bitcoin price and most other major cryptocurrencies this month.
Dogecoin is up nearly 10,000% compared to that time last year after speculators started investing in the Shiba-Inu dog-based cryptocurrency in January, but Memecoin has since taken on a life of its own, with a dedicated community which was created thanks in part to the support of the likes of Musk and Cuban.
“[Dogecoin] It’s just fun, ”Cuban told talk show host Ellen DeGeneres in April. “But the crazy thing is that it went from being a cryptocurrency joke to being a digital currency.”
Last month, during an event hosted by the Crypto Council for Innovation, Musk spoke about ideas to use Ethereum to upgrade Dogecoin to “maximize transaction rates and reduce transaction costs.”
“It might be worth combining something like Ethereum and Dogecoin”
Image via Pixabay / license